SNK near bankruptcy

from The Mad Man's Cafe

(Amusement Press, -10/02/01) The district court of Osaka ruled in 10/01 to revoke SNK's application for Rehabilitation Bankruptcy, due to failure of paperwork.

SNK efforted to improve their financial situation since February, closing branch offices and liquidating stocks under Aruze's control. After requesting for a tax extension in March 8th, SNK determined their financial situation too severe to reestablish on its own. In April 2nd, SNK applied for Rehabilitation Bankruptcy(new court mandated bankruptsy law "Mini saisei", established April 2000 in Japan) in the court of Osaka to have their debt deducted. SNK's debt was estimated at 38 Billion Yen at the time of the request.

SNK was ordered to report its reestablishment plans to the court of Osaka by 9/28, but could not present its writings due to compelling situation. As result, the Osaka court ruled in 10/01 to revoke SNK's application for Rehabilitation Bankruptcy, sending an administrative order and appointing an assignee for legal purposes.

A stockholders meeting for SNK has been scheduled by Aruze in 10/11 to appoint ten of their employees as new SNK executives. Aruze is currently SNK's major stockholder; 50.9% share. Once the overturn of SNK's Rehabilitation Bankruptcy is settled, Bankruptcy is scheduled to be declared.

SNK's latest game announcement with Eolith, "The King Of Fighters 2001" will be released as scheduled. No details have been announced as to its new distributor.
I heard that SNK will be sold to another company ..

Dont know maybe a rumor ..

I hope it will stay forever ..

I love Kof .. u can see that in my signature :)